The KSE-100 index gained 517.50 points during the departed week and closed 46,385-mark i.e. nearly 1.13% percent higher than the closing of the previous week.
According to a report by AKD Securities, the factors that boosted the sentiments of the investors included the approval given by government to Chinese company Sinopharm to start distributing vaccines from the next week, as well as authorization given to Russian vaccine Sputnik V by DRAP.
‘However, delays in approving textile policy and status quo on OMCs margins revision triggered negative sentiments which resulted in sectoral profit taking. Despite clearing the negotiation stage, notification of supportive measures in the textile policy 2020-25 are awaited’, the report added.
Furthermore, OGRA notified an increase in tariff for SSGC consumers to PKR44/mmbtu, to meet the Rs 14.3 billion shortfall in its estimated revenue requirement (ERR), which included a shortfall of Rs 51 billion from last year.
Further impetus was drawn from IMF’s projection regarding the economy, which stated that the GDP of Pakistan will reach 1.5% during FY 2021.
The benchmark index was lifted by the performance of Cement sector, which contributed around 326 points to it. This was followed by Technology & Communication, which brought in 201 points.
Company-wise, the scrips of TRG once again delivered a note-worthy performance, emerging sd the best-selling stock for the week once again as it contributed 216 points to the index. On the other hand, LUCK, FCCL, CHCC, and DGKC contributed around 84, 59, 53, and 50 points, respectively.
Meanwhile, the KSE All Share Market Cap increased by $728.82 million or 1.41% over the week, being recorded at $52.45 billion as compared to a Market Cap of $51.72 billion recorded last week.
Figures released by NCCPL showed that foreign investors sold USD 9.14 million worth of stocks during the week with Foreign Corporates doing the bulk of the selling @ USD 8.70 million. On the local front, Individual Investors bought USD 8.66 million worth of stocks. Excessive selling was witnessed locally as well as Insurance Companies and Banks/DFIs sold stocks worth USD 5.43 million and USD 3.49 million, respectively.
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